Kune, a startup that caused a stir last year for its white founder’s claim of inventing the delivery of “great food at a cheap price” in Kenya, has shut down. Mid last year, the company had raised $1 million in pre-seed funding to the ire of many who believed it aimed to fix a problem that didn’t exist.
CEO Robin Reecht blamed his company’s closure on an inability to raise more money from investors due to the ongoing global downturn. The business set out to break through in Nairobi, Kenya’s capital, at a low-margin price of $3 per meal even while managing the value chain from preparation to on-demand delivery. It did not succeed.
“Coupled with rising food costs deteriorating our margins, we just couldn’t keep going,” Reecht said in a LinkedIn post on June 22.
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